银都股份：公司信息更新报告：产品及费用优化利润端再超预期，派发中期股息

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded profit expectations through product and cost optimization, and has announced a mid-term dividend distribution [4] - In H1 2024, the company achieved revenue of 1.367 billion yuan, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million yuan, a year-on-year increase of 28.8% [4] - The company plans to distribute a cash dividend of 2.12 billion yuan, with a dividend rate of 61%, resulting in an annualized dividend yield of 4% based on the current stock price [4] - The profit margin is expected to remain high, with new products and regions set to contribute to growth, leading to an upward revision of profit forecasts for 2024-2026 [4] Financial Performance Summary - In Q2 2024, the company reported revenue of 735 million yuan, a year-on-year increase of 0.18%, and a net profit of 182 million yuan, a year-on-year increase of 6.08% [4] - The gross profit margin for Q2 2024 was 45.09%, a year-on-year increase of 3.87 percentage points [4] - The company’s sales expense ratio was 12.98%, a year-on-year decrease of 0.64 percentage points, while the management expense ratio was 5.85%, a year-on-year increase of 0.43 percentage points [4] - The company’s revenue for H1 2024 was 1.291 billion yuan from exports, a year-on-year increase of 7.37%, while domestic sales revenue was 74.34 million yuan, a year-on-year decrease of 42.71% [5] Product and Market Expansion - The company is actively expanding into new regions, with a focus on the "85 Country Plan" and has established overseas warehouses in the UK and is progressing in France [5] - The sales revenue from self-owned brands has exceeded 70%, with a higher gross margin compared to OEM products [5] - The company’s self-developed "French Fry Automatic Box Machine" received the "2024 Kitchen Technology Innovation Award" from the American Restaurant Association, indicating strong market recognition [5]